How quickly things change.
In July, the price of light, sweet crude oil surged to $147 per barrel.
The investment bank Goldman Sachs had projected two months earlier that
the price could hit $200 per barrel in as little as six months.
Under the pressure of high prices, what didn’t happen in a Congress
ruled by Tom DeLay, the bug-spraying scourge of all things
environmental, happened on the watch of ultra-green Nancy Pelosi – the
moratorium on offshore oil drilling fell away.
Now, the hubbub over high prices seems forgotten. In the eternity of
the last several weeks of economic turmoil, energy largely disappeared as the lead campaign
issue. The price of oil has fallen by more than half. Gasoline prices
have dropped below $2.50 per gallon across the nation’s heartland. OPEC's barons of price rigging are holding an emergency meeting this week.
Can we cross oil overdependence off our enlarged list of things to
worry about? Not a chance. Just as beginning investors are counseled to
avoid obsessing over the short-term ups and downs of the stock market,
our thinking about energy should not be pulled this way or that in
response to price fluctuations.
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